Comerica Bank Acquires 1,210 Shares of Biogen Inc. (NASDAQ:BIIB)

Comerica Bank lifted its holdings in Biogen Inc. (NASDAQ:BIIB) by 2.9% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 42,314 shares of the biotechnology company’s stock after buying an additional 1,210 shares during the period. Comerica Bank’s holdings in Biogen were worth $9,124,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in BIIB. Vanguard Group Inc. lifted its stake in shares of Biogen by 18.2% in the 4th quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock valued at $3,728,185,000 after purchasing an additional 2,218,744 shares during the last quarter. Norges Bank bought a new stake in shares of Biogen in the 4th quarter worth about $378,728,000. FIL Ltd boosted its stake in shares of Biogen by 936.4% during the 4th quarter. FIL Ltd now owns 656,502 shares of the biotechnology company’s stock worth $169,883,000 after purchasing an additional 593,158 shares during the period. First Trust Advisors LP grew its holdings in Biogen by 141.0% during the 4th quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock valued at $252,898,000 after purchasing an additional 571,795 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its stake in Biogen by 24,726.3% in the fourth quarter. International Assets Investment Management LLC now owns 476,913 shares of the biotechnology company’s stock worth $123,411,000 after purchasing an additional 474,992 shares during the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on BIIB. Royal Bank of Canada reiterated an “outperform” rating and issued a $317.00 target price on shares of Biogen in a research note on Wednesday, June 26th. HC Wainwright reiterated a “buy” rating and issued a $300.00 price target on shares of Biogen in a report on Thursday, May 23rd. Wedbush dropped their price target on Biogen from $215.00 to $210.00 and set a “neutral” rating on the stock in a research report on Friday. Truist Financial restated a “buy” rating and issued a $340.00 price objective on shares of Biogen in a report on Thursday, May 16th. Finally, Bank of America cut their target price on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. Ten research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $282.35.

Biogen Stock Performance

Shares of NASDAQ BIIB traded down $7.37 during midday trading on Friday, reaching $203.33. The company had a trading volume of 658,494 shares, compared to its average volume of 1,142,553. Biogen Inc. has a 1 year low of $189.44 and a 1 year high of $278.95. The business’s 50-day simple moving average is $225.25 and its 200 day simple moving average is $223.43. The company has a current ratio of 2.10, a quick ratio of 1.32 and a debt-to-equity ratio of 0.41. The stock has a market cap of $29.60 billion, a P/E ratio of 26.01, a P/E/G ratio of 2.15 and a beta of -0.04.

Biogen (NASDAQ:BIIB) last issued its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.39 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter last year, the business posted $4.02 EPS. On average, analysts forecast that Biogen Inc. will post 15.61 earnings per share for the current fiscal year.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.